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Tax Issues for Small Businesses

  • ITEM SKU
    7295
  • CPE Hours
    12
  • Full Course Price
    $84.50
Exam Questions: 60
Course Level: Basic
Pages: 446 | Content: 434, Supplemental: 12
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7295J

This course gives the practitioner a detailed look at tax issues that affect the most popular type of business in the United States - the small business. The course begins by providing an overview of the many entity options available to small businesses today, from the traditional sole proprietorship to the C corporation. The course then provides detailed discussion on important issues such as filing and paying business taxes, accounting periods and methods, and general business tax credits. A detailed discussion is provided on the types of expenses that can be deducted by a business, as well as an important chapter on maintaining business records. This course is essential for any practitioner advising small business clients, whether they are a sole proprietor, a partnership, limited liability company, or a corporation. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00589-24-S

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Course Information

Table of Contents
  • Introduction
  • Choice of Entity
  • Filing and Paying Business Taxes
  • Federal Employment Taxes
  • Accounting Periods and Methods
  • Dispositions of Business Property
  • General Business Credit
  • Business Income
  • How to Figure Cost of Goods Sold
  • Figuring Gross Profit
  • Business Expense
  • Figuring Net Profit or Loss
  • Qualified Business Income Deduction
  • Maintaining Business Records
Objectives
  • To identify the major attributes of various forms of business ownership
  • To recognize income tax implications of different types of entities
  • To recall the factors used to determine if a worker is an employee or an independent contractor and the tax implications of this status
  • To identify the options available for a business in selecting accounting periods and methods
  • To identify various methods of business dispositions
  • To recall the requirements for like-kind exchanges
  • To recall various common business tax credits
  • To identify the proper treatment for various forms of business income
  • To recall the factors of calculating cost of goods sold
  • To recognize how to calculate gross profits
  • To identify the rules for determining whether an expense can be deducted as a business expense
  • To identify common types of expenses that are not deductible
  • To identify which type of taxpayers are eligible for the qualified business income deduction
  • To recall the types of business records that should be maintained and for how long

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.